During the week ending August 13, average prices of pre-painted galvanized iron (PPGI) in the Chinese domestic market have edged down, while transaction activity in the domestic market has been at low-to-medium levels. Average PPGI prices in the local Chinese market are presented in the following table.
|
Specification (mm) |
Category |
Average price (RMB/mt) |
Weekly change (RMB/mt) |
Price ($/mt) |
Weekly change ($/mt) |
|
0.476 x 1,000 |
CGCC |
7,443 |
-23 |
1,149 |
-6 |
|
0.426 x 1,000 |
CGCC |
7,543 |
-23 |
1,164 |
-7 |
13 percent VAT is included in all prices and all prices are ex-warehouse.
During the given week, PPGI prices have declined amid the slight downtrend in HRC futures prices and slack demand from downstream users. The heavy rainfall and high temperatures in eastern China has weakened the demand for PPGI, resulting in the prevailing cautious sentiments among market players. It is expected that PPGI prices in the Chinese domestic market will likely move sideways in the coming week.
As of August 13, HRC futures prices at Shanghai Futures Exchange (SHFE) are standing at RMB 5,765/mt ($890/mt), down RMB 7/mt ($31.1/mt) or 0.12 percent from RMB 5,772/mt on August 6.
$1 = RMB 6.4799